Ethereum (ETH) options will soon be traded over-the-counter at Goldman Sachs Group Inc.
The decision to offer Ethereum OTC options trading is based on growing consumer interest in Ethereum, the second-largest cryptocurrency by market capitalization, according to the bank’s global head, Andrei Kazantsev.
Andrei alleged on Tuesday that Goldman Sachs is planning to offer cash-settled Ethereum options in “due time” in a client webinar. OTC ETH options trading has yet to begin at the bank, and no date has been provided to that effect.
A few weeks ago, it began accepting Bitcoin. Following on from Goldman Sachs’ launch of OTC Bitcoin options, the company now aims to provide ETH options as well.
Secondly, over-the-counter transactions tend to be bigger and more secretive than those conducted on the open market.
Ethereum is now perceived as “more of an investable asset class,” said Goldman’s George Lewin-Smith, an associate in its digital-assets business, during the webinar.
As of now, Goldman Sachs does not provide spot trading in cryptocurrencies. However, customers may use it as a proxy to get access to Canadian and European exchange-traded products.
ETH’s exploding popularity
It is projected that the network’s trading volume would increase after the Proof of Stake consensus is implemented. As far as cryptocurrencies go, Ethereum is the most valuable one by far.
When compared to PoW networks, which need a lot of processing power, PoS networks use a lot less power.
A PoS consensus is anticipated to make Ethereum more accessible. Ether staking is also anticipated to draw debt investors to the token due to the large profits it offers.
Storing tokens in a network for a certain duration is known as “staking.” For many organizations, staking ether would be like purchasing a bond, making it a viable investment alternative.
Analysts currently feel that Ethereum is on the verge of a massive bullish rise as a result of these events.
According to some estimates, Ethereum will be worth more than $10.00 by the end of this year.